The veteran advertising boss Sir Martin Sorrell’s digital marketing group S4 Capital has cut 500 jobs in the face of a plunge in spending from clients fearful of an impending recession.
Shares in the company, founded after his acrimonious departure from the advertising company WPP in 2018, fell by 30% to a record low after it said it expected revenues to shrink and profit margins to narrow, although those losses later eased and it closed about 21% down, stripping about £120m off its market value.
